Early Rally. Watch These Resistance Levels
Just about every leading stock this morning is catching a bid higher. Short term traders must always guard against chasing a stock that is already stretched and extended. Therefore, we shall isolate a few resistance points on some leading stocks.
Exxon Mobil Corp.(NYSE:XOM) is soaring higher this morning by $1.38 to $80.68 a share. This leading integrated energy stock will have intra-day resistance around the $80.85 level. Should the stock break above that resistance point later in the trading session traders can look for more intra-day resistance around the $81.60 area. Both levels could see small pullbacks intra-day.
Qualcomm Inc.(NASDAQ:QCOM) is a leading technology stock that is a major part of the NASDAQ 100 Index. This stock is trading sharply higher at the open reaching the $53.00 level. Qualcomm stock will have intra-day resistance around the $53.50 level. Should the stock rally above that level traders must watch the $54.00 level as the next important intra-day resistance area.
CSX Corp.(NYSE:CSX) is trading higher with the rest of the transportation sector. This leading railroad stock is trading higher by $1.54 to $75.22 a share. This stock should have strong intra-day resistance around the $76.00 level. Traders can look for a pullback around this area.